Palm Beach Peach

Plenty of places are known for their concentrations of wealth. Aspen, the Hamptons and Beverly Hills all come immediately to mind.

But among the oldest and most notorious in the country is Palm Beach. Gilded Age industrialists turned the strip of Florida coastline into their winter playground, and today it's still packed with money and mansions.

Palm Beach occupies 12 miles of a 15-mile-long barrier island on the Atlantic Coast (the rest is taken up by Manalapan and South Palm Beach). It wasn't always a pure island, however. In 1870, settlers, who perhaps foresaw how rarefied Palm Beach would become, created a ditch that opened the northern end of Lake Worth, which separates Palm Beach from the mainland, to the ocean. The gap was later enlarged, and another made at the southern tip of the island.

Though locals might argue that relaxed elegance rules, Palm Beach has more than its fair share of glitz and gloss. That's especially true during the Season, which runs from after Thanksgiving through the spring, with most (and the most glamorous) parties and events taking place from January through March.

Still, South Ocean is prime real estate in a highly desirable place. Other home owners include Leonard A. Lauder, chairman of
Estee Lauder
, singer Jimmy Buffett and Koch Industries heir David Koch.

This South Ocean property can be had for just under $20 million, which seems almost a steal compared with Perelman's place.

Via Spiaggia was built in 1934, and went through an extensive renovation several years ago. The bright oceanfront compound has a total of eight bedrooms and 11 full baths, with most rooms offering views of the water. The home has hardwood and stone floors, and large windows and French doors that let in an abundance of sunlight.

The main house was designed in Italian Mediterranean style, and contains more than 15,000 square feet of space. It has five main bedrooms, including a master suite that occupies a private wing and has private terraces, double marble baths and wraparound floor-to-ceiling French doors.

Downstairs, the formal dining room is graced with a fabric-inset ceiling and French doors that open onto a coquina loggia. The library is paneled in cypress. The living room has large French doors and a carved fireplace. The gourmet kitchen includes a wine closet that holds more than 2,000 bottles, and there is a built-in aquarium in the open breakfast area.

The house is set around an atrium courtyard with a fountain, and the grounds encompass manicured gardens and irrigated lawns. The elegant swimming pool overlooks the water and is flanked by two cabanas. There are also two staff apartments above the garage, which is tucked behind the house.

Via Spiaggia is listed with Cristina Condon and Wally Turner at Sotheby's International Realty.

Forbes Fact

In 1927, the finishing touches were put on Mar-A-Lago, the 100-plus-room residence that Marjorie Merriweather Post built in Palm Beach. Designed by architect Marion Sims Wyeth, the estate was the setting for many a glamorous Palm Beach party. But after Post died, it fell into utter disrepair. In the 1980s, Donald Trump bought the property and its furnishings for less than $10 million. After the town rejected his plans to subdivide Mar-A-Lago, Trump fought long and hard to turn the estate into a private club, open to anyone who could pay the high membership fees. He succeeded, though membership is limited because of traffic restrictions imposed by Palm Beach, according to the book The Season, by Ronald Kessler.